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Economic Calendar📉📈

High Impact News for this week

23 Sep/0200H –US Interest rate🇺🇸
23 Sep/1530H –Swiss Interest rate🇨🇭
23 Sep/2100H –UK Interest rate🇬🇧

Week other highlights

-China Interest rate🇨🇳
-Japan Interest rate🇯🇵
-Crude Oil Inventories
-Unemployments Claims🇺🇸

(GMT+8:00) Kuala Lumpur, Malaysia Time

Gold Price update📉📈

Gold held above the key psychological level of $1,800 an ounce on today, as the dollar and bond yields came under pressure after a slowdown in US inflation led to uncertainty on when the Federal Reserve will begin tapering its asset purchases. In the meantime, risks relating to COVID-19 and concerns over global growth mounted, which should incentivize central banks to keep an ultra-loose monetary policy. On the economic data, China's retail trade and industrial production numbers showed the economic recovery in the world's second-largest economy slowed sharply.

Economic Calendar📉📈

High Impact News for this week

14 Sep/2030H –US Inflation🇺🇸
15 Sep/1400H –UK Inflation🇬🇧
15 Sep/2030H –Canada Inflation🇨🇦
16 Sep/2130H – Unemployment Rate 🇭🇲

Week other highlights

-Retail sales report🇨🇳
-GDP Quarterly report🇳🇿
-Crude Oil Inventories
-Retails sales report🇺🇸
-Unemployments Claims🇺🇸

(GMT+8:00) Kuala Lumpur, Malaysia Time

Cryptocurrency News update📉📈📊

It’s official currency for the country of El Salvador🇸🇻

El Salvador president Nayib Bukele previously announced yesterday September 7 that the country’s Bitcoin wallet Chivo would be available on the day the BTC law was implemented. However, the state-run crypto wallet has faced technical difficulties on the day of its launch, while the bellwether digital asset crashed to lows of under $43,000. The nation’s president took advantage of the plunge and purchased 150 more Bitcoins. The Latin American country’s president Bukele said that the Chivo Wallet would be available the same day the Bitcoin law comes into effect. The leading cryptocurrency has become legal tender on September 7 in El Salvador.

As explained by Bukele, the Chivo Wallet would allow users to receive $30 in Bitcoin after they download the application. However, there was a slight delay, and the Chivo team temporarily halted the service given the lack of server capacity. To solve this problem, the team reconnected the wallet to higher-capacity servers. Users of the Chivo Wallet have claimed that the initial $30 that was credited to users could only be sent to other Chivo merchants and participants, and withdrawals were only enabled after the funds have been passed through a few transactions through the Bitcoin wallets.

During El Salvador’s “Bitcoin Day” bellwether cryptocurrency’s price crashed by over $7,000 in less than an hour, leading to $2.6 billion in liquidations. President Bukele took this opportunity to double down on his BTC bet by purchasing 150 new coins. Bukele also thanked the International Monetary Fund (IMF), which has previously criticized the Bitcoin law he put forward, for the recent BTC price plunge. The IMF and other institutions have expressed their worries about the nation making the cryptocurrency legal tender.

Economic Calendar 📈📉

High Impact News for this week

07 Sep/1230H – RBA Interest Rate🇦🇺
08 Sep/2200H – BOC Interest Rate🇨🇦
09 Sep/1945H – ECB Interest Rate🇪🇺
10 Sep/2030H – Employment Rate 🇨🇦

Week other highlights
-FOMC Speech🇺🇸
-Crude Oil Inventories
-Unemployment claims🇺🇸
-PPI Producer’s Price Index🇺🇸

(GMT+8:00) Kuala Lumpur, Malaysia Time

High Impact news NFP (Non farm Payroll)📉📈🇺🇸
03 Sep 2021 0830pm
(GMT+8:00) Kuala Lumpur, Malaysia Time

The US Bureau of Labor Statistics (BLS) will release the August jobs report on Friday, September 3. Following an increase of 943,000 last July, investors expect Non Farm Payroll to rise by 720,000 and see the Unemployment rate edging lower to 5.2% from 5.4%. Nonfarm Payroll averaged 940,500 in June and July, the best two months since August and September last year at the end of the initial job recovery. Despite all the good employment numbers, for the markets and the Fed it is the Nonfarm payroll data that is really matter.

The US NFP measures the growth or contraction of jobs in the US. An increase in the seasonal numbers means more jobs are created and a decrease will mean less jobs were created. If NFP shows Strong growth (above expectation), the USD will gain in value against other currencies. On the other hand, the NFP shows Slowing growth (below expectations), the USD will lose value against other currencies.

FIBONACCI RETRACEMENT LEVEL

What Are Fibonacci Retracement Levels?

Fibonacci retracement level stems from Fibonacci’s sequence, a mathematical formula that originated in the 13th century. In technical analysis, fibonacci retracement levels indicate key areas where a stock may reverse or stall. Common ratios include 23.6%, 38.2%, and 50%, among others. Usually, these will occur between a high and low point for a security, designed to predict the future direction of its price movement.

Fibonacci retracement levels are horizontal lines that indicate where support and resistance are likely to occur. They are based on Fibonacci numbers. Each level is associated with a percentage. The percentage is how much of a prior move the price has retraced. The Fibonacci retracement levels are 23.6%, 38.2%, 61.8%, and 78.6%. While not officially a Fibonacci ratio, 50% is also used. The indicator is useful because it can be drawn between any two significant price points, such as a high and a low. The indicator will then create the levels between those two points. Fibonacci retracement levels do not have formulas. When these indicators are applied to a chart, the user chooses two points. Once those two points are chosen, the lines are drawn at percentages of that move.

Fibonacci retracements can be used to place entry orders, determine stop loss levels, or set price targets. For example, a trader may see a stock moving higher. After a move up, it retraces to the 61.8% level. Then, it starts to go up again. Since the bounce occurred at a Fibonacci level during an uptrend, the trader decides to buy. The trader might set a stop loss at the 61.8% level, as a return below that level could indicate that the rally has failed.

Economic Calendar 📈📉
High Impact News for this week

01 Sep/0930H – GDP (Gross Domestic Product)🇦🇺

01 Sep/ All Day – OPEC-JMCC Meetings

01 Sep/2015H – ADP (Automatic Data Processing)🇺🇸

01 Sep/2200H – ISM(Purchasing Manager’s Index)🇺🇸

03 Sep/2030H – Average Hourly Earnings🇺🇸

03 Sep/2030H – NFP (Non Farm Payroll)🇺🇸

Week other highlights

-FOMC (Federal Open Market Committee)Speech🇺🇸
-Crude Oil Inventories
-Unemployment claims🇺🇸
-ISM Services PMI🇺🇸

(GMT+8:00) Kuala Lumpur, Malaysia Time

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This week high impact news📉📈🇺🇸
Jackson Hole Economic Symposium 2021

What Is the Jackson Hole Symposium?

The Jackson Hole Symposium is an annual symposium, sponsored by the Federal Reserve Bank of Kansas City since 1978, and held in Jackson Hole, Wyoming since 1981. Every year, the symposium focuses on an important economic issue that faces world economies. Participants include prominent central bankers and finance ministers, as well as academic luminaries and leading financial market players from around the world. The symposium proceedings are closely followed by market participants, as unexpected remarks emanating from the heavyweights at the symposium have the potential to affect global stock and currency markets. The Jackson Hole Economic Symposium is one of the longest-standing central banking conferences in the world. The mission of the event is to foster an open discussion. Each year, the Federal Reserve Bank of Kansas selects a specific topic for the symposium and chooses a pool of attendees based on that topic.

Topic for Economic Symposium 2021

This year’s with many believing we could see Jerome Powell lay the groundwork for a tapering programme given the rise in inflation. That surge in both core personal consumption expenditures (PCE) and Consumer price index (CPI) inflation has brought forward expectations for tightening at the Fed, although there are still some who hope that we could see price pressures ease as things normalise. The idea is to utilise monetary policy to drive down unemployment, with inflation allowed to overshoot the 2% target for a period of time. It is worthwhile noting that the US economy remains 5.7 million jobs short of where it was before the Covid-19 pandemic.

Jackson Hole Symposium effect in Market

With such a diversity of opinions and mixed messages by Fed members, the economic symposium will certainly give market participants the latest insight into the potential timetable when the Federal Reserve begins to taper its asset purchases. Because of the diverse opinions of Fed members, market participants could gain insight into the nuances of what members are thinking and how they plan to move forward. Trades will concern whether being optimism or pessimism to the market.

Schedule for Jackson Hole Symposium 2021
3 days event starts on Aug 27 to 29, 2021

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